Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2025-12, which is a $322.0 million non-prime RMBS transaction [1] Summary by Relevant Categories Transaction Overview - The transaction involves a total of $322.0 million in mortgage-backed certificates [1] - It consists of 609 residential mortgages as the underlying collateral [1] Loan Characteristics - A significant concentration of the loans is underwritten using alternative income documentation [1] - 66.1% of the loans are classified as non-qualified mortgages (Non-QM) [1] - 33.9% of the loans are exempt from the Ability-to-Repay rule [1]